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BTC outflows from mining companies increased in January, but sales in the open market did not take off.$BTC
On-chain data shows that nearly 49,000 BTC were transferred from miners' wallets in two days, but public disclosures suggest that the transfers do not reflect a widespread capitulation.
Bitcoin miner outflows rose to 28,605 BTC, valued at approximately USD 1.8 billion, on February 5, one of the largest single-day transfers since November 2024, as prices fluctuated sharply during a volatile trading session.
Another 20,169 Bitcoin BTC 56,124 €, valued at approximately USD 1.4 billion, left wallets linked to miners on February 6, according to data from CryptoQuant. The last comparable peak occurred on November 12, 2024, when outflows reached 30,187 BTC.
The peak coincided with strong price fluctuations, as BTC was trading at around USD 62,809 on February 5 before spiking to USD 70,544 a day later. Large transfers from miners' wallets during volatile sessions are often scrutinized, as they may indicate potential selling pressure.
So far, eight miners have disclosed January figures: CleanSpark, Bitdeer, Hive Digital Technologies, BitFuFu, Canaan, LM Funding America, Cango, and DMG Blockchain Solutions. They reported a combined production of approximately 2,377 BTC for the month. That total is well below the 28,605 BTC transferred in a single day on February 5.$XRP
